Saville Resources Inc. Identifies New Target Area and Samples 1.50% Nb2O5 from 2018 Surface Exploration at its Niobium Claim Group Property, Quebec
TSX VENTURE: SRE
VANCOUVER, BC / ACCESSWIRE / December 5, 2018 / Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the "Company" or "Saville") is pleased to announce the results of the Company's inaugural mineral exploration at its Niobium Claim Group Property (the "Property"). The Property is situated within the central Labrador Trough, approximately 130 km south of Kuujjuaq, Quebec, and covers several historically defined and prospective niobium-tantalum targets.
The primary objective of the field program was to further refine known targets ahead of drilling, as well as define new areas of interest through targeted prospecting and a ground magnetic survey. With receipt of sample assays, the Company is now pleased to report that all its objectives were achieved during the program.
Program highlights include:
- Continued discovery of high-grade niobium-tantalum boulders throughout the Southeast Area
- A total of 14 rock samples with assays >0.80% Nb2O5 to a peak of 1.50% Nb2O5
- Strong tantalum associated with best overall samples assaying 0.99% Nb2O5 and 650 ppm Ta2O5, and 0.88% Nb2O5 and 1,080 ppm Ta2O5
- Discovery of new target area with boulder assays of 1.28% Nb2O5 and 0.88% Nb2O5
- Detailed ground magnetic survey completed over the Miranna and Southeast area targets
- Multiple target areas now drill ready
The 2018 surface exploration program was carried-out over an approximate 3-week period, straddling late-September / early-October, by Dahrouge Geological Consulting Ltd. with field operations managed out of Quebec. A total of 126 prospecting rock samples were collected over the program, dominantly of boulders, with high-grade niobium-tantalum continuing to be discovered on the Property. A total of 22 boulders returned niobium assays exceeding 0.70% Nb2O5, with 14 samples exceeding 0.80% Nb2O5, and 6 samples exceeding 1.00% Nb2O5 to a peak assay of 1.50% Nb2O5. In addition, strong grades of tantalum continued to be returned in association with niobium, ranging from 160 ppm to 1,080 ppm Ta2O5 over the 14 high-grade boulders that exceeded 0.80% Nb2O5.
The Company is also pleased to announce that the 2018 surface program has outlined a new target area of interest where only very limited exploration had been completed prior. The area is located approximately 400 m south of the historic drill area and is marked by two of the strongest mineralized boulders collected during the program; 1.28% Nb2O5 and 260 ppm Ta2O5 (sample 122559), and 0.88% Nb2O5 and 1,080 ppm Ta2O5 (sample 122558). The two boulders are separated by approximately 100 m with glacial ice direction indicating the source is further to the southeast. This area has been subjected to only a cursory examination, and therefore, the discovery of two well-mineralized boulders is highly encouraging and expands the prospectivity of the Property.
Company President Mike Hodge comments, "Our improved understanding of the sheer potential of the Property is cause for great interest and momentum. The number and quality of the targets is considerable and, coupled with the consistently high-grades returned from surface exploration, indicates there is a significant source(s) of mineralization yearning to be discovered."
In addition to the targeted prospecting, a ground magnetic survey was completed over the Miranna and Southeast area targets. The survey was very successful in further delineating targets and potential rock unit contacts. Specifically, the survey delineated further the Miranna Target, as well as the Moira Target, located approximately 250 m further north, where a strong and distinct anomaly was revealed. Analysis of several overlapping boulder trains in the area suggest that Moira may be one of several interpreted sources of mineralization, and therefore, is now a higher priority target following the recent program.
The data collected from the 2018 field exploration is currently being integrated into the historical dataset with interpretation, drill campaign planning, and drill hole prioritization well-advanced.
All samples were analyzed by Activation Laboratories Ltd. the Ancaster, ON facility for major oxide, rare earths, and trace elements by fusion ICP and ICP/MS, tantalum and niobium by XRF, and for fluorine by Fusion Specific Ion Electrode-ISE.
The Company is also pleased to announce that it has entered into an agreement with Zimtu Capital Corp. ("Zimtu") (TSX.V: ZC; FSE: ZCT1) whereas Zimtu shall provide its ZimtuADVANTAGE program.
ZimtuADVANTAGE is a program designed to provide opportunities, guidance, cost savings and assistance to clients covering multiple aspects of being a public company. The services may include building financial networks, building business networks, shared costs with other public companies, building a social media presence, conference opportunities, media outlets and guidance and special group pricing provided by Zimtu's network of public company professionals. The program provides the flexibility to allow companies to customize the products and services to best support their needs. Under the terms of the Agreement, Zimtu shall receive $8,333 per month, payable in advance for a period of twelve months. The contract has been filed and approved by the TSX Venture Exchange.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Saville Resources Inc.
The Company's principal asset is the Niobium Claim Group Property, currently under Earn-In Agreement from Commerce Resources Corp. for up to a 75% interest. The Property consists of 26 contiguous mineral claims, encompassing an area of approximately 1,223 hectares, and is considered highly prospective for niobium and tantalum. The Property includes portions of the high-priority, and drill ready, Miranna Target where prior boulder sampling in the area has returned 5.9% Nb2O5 and 1,220 ppm Ta2O5, as well as the Northwest and Southeast areas where previous drilling has returned wide intercepts of mineralization, including 0.61% Nb2O5 over 12.0 m (EC08-008) and 0.82% Nb2O5 over 21.9 m (EC10-033), respectively.
On Behalf of the Board of Directors
SAVILLE RESOURCES INC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include that the work completed has outlined a new target area of interest; that the the sheer potential of the Property is cause for great interest and momentum; and that the 2018 field exploration is currently being integrated into the historical dataset with interpretation, drill campaign planning, and drill hole prioritization well-advanced . These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected positive results of the property and potential viability of the project, conditions changing such that the minerals on our property are not of sufficient quality or quantity, or cannot be economically mined, or that the required permits to build and operate any envisaged mine can be obtained. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.